Financing your Pool Renovation

Very few people are in a financial position to pay for a major swimming pool renovation project without borrowing money. Therefore, financing (or borrowing money) is a very common method of funding these types of projects. The two most popular types of loans that are available are:

  1. Home Improvement Loan
  2. Home Equity Loan Although each lending institution has different policies and procedures / rules that apply.

Following are some general guidelines for each type of loan.

  • Common to both types of loans
    • Available for long term- usually 3 years to 25 years (length of time based on dollar amount).
      Interest is tax –deductible in most cases – see your accountant for more information.
    • State law requires that a minimum of 15 days pass before loan is funded. (12 days to close loan plus 3 day right to cancel).
  • Home Improvement Loans
    • Loan can be for up to 100% of the appraised value of the home.
    • Improvements being made can be added into value of home.
    • Loan can be rolled into a permanent mortgage in case of refinancing.
  • Home Equity Loans
    • Loan can be made for up to 80% of the appraised value of the home.
    • Improvements being made cannot be added into the value of the home.
    • Loan cannot be rolled into a permanent mortgage in case of refinancing.
    • Can apply for 1 home equity loans in a 12 month period.
    • Has a lower interest rate than a home improvement loan in some cases.

As you can see, each loan has its advantages. It is important to discuss with your loan officer which loan would work best in your situation. Ask your pool designer for a list of lending institutions that we have worked with.

Pool Renovations
Pool Renovations
Pool Renovations

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